Shareholders vote to allow Drake & Scull International to continue trading | ZAWYA MENA Edition:
Shareholders in Dubai-based construction company Drake & Scull International voted overwhelmingly in favour of the business continuing to trade at a general meeting on Thursday.
Some 99.98 percent of shareholders voted in favour of a resolution allowing the business to continue to trade, which was triggered by a legal requirement for companies who accumulate losses that reach a value of more than half of their share capital.
The cash-strapped company's management will now prepare a new restructuring plan, which will then need to be approved by United Arab Emirates market regulator, the Securities and Commodities Authority.
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